Thursday 17th August 2023

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The tide seems to be turning as investors and policy makes toy up the risk of inflation starting to climb again. NAB’s Gavin Friend says there was a strong suggestion of it in the FOMC minutes, released this morning, although that wascounteracted by two Fed members calling for rates to be held steady. There was clear evidence of the need for more tightening in the UK, where the headline CPI level fell, but core inflation remained resilient, and services inflation ticked higher. So, what’s the risk on the home front? Today’s Australian employment numbers will be a crucial element of the RBA decision making.

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